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Crude Oil Price Increases Lead to Higher Prices at the Pump

November 25, 2007

WASHINGTON, D.C. --- The recent spike in retail gasoline prices can be "almost entirely ascribed to increases in the price of crude oil seen in recent weeks," the Energy Department's Energy Information Administration (EIA) said last week in its weekly newsletter. "It takes approximately three to six weeks for price changes in the crude oil market to completely filter through to prices at the retail pump," the EIA explained. "If we compare the average crude oil price for the last three weeks to the average crude oil price for the same three weeks in 2006, the price difference is about 85 cents per gallon, which closely matches the year-on-year increase we are seeing in retail gasoline prices."
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